On the evening of July 4, Fujian Haitong Development Co., Ltd. released its preliminary earnings forecast for the first half of 2025.
According to the announcement, based on preliminary calculations by the finance department, Haitong Development is expected to achieve a net profit attributable to shareholders of the parent company ranging from 75 million yuan to 95 million yuan for the first half of 2025. This represents a decrease of approximately 147 million yuan to 167 million yuan compared to the same period last year (as per statutory disclosure data), a year-on-year decline of 60.78% to 69.04%.
The company also expects its adjusted net profit attributable to shareholders of the parent company (excluding non-recurring gains and losses) to be between 73.9653 million yuan and 93.9653 million yuan for the first half of 2025, a reduction of approximately 112 million yuan to 132 million yuan compared to the same period last year, marking a year-on-year decline of 54.36% to 64.07%.
Regarding the main reasons for the performance fluctuations, Haitong Development noted that on the revenue side, the first half of 2025 saw the dry bulk shipping market face severe challenges amid global economic pressures, with freight rates dropping significantly year-on-year. The average Baltic Dry Index (BDI), Capesize Index (BCI), Panamax Index (BPI), and Supramax Index (BSI) for the period were 1,290, 1,904, 1,189, and 889 points, respectively, down 30%, 33%, 33%, and 30% year-on-year, indicating a notable decline in freight rates.
On the cost side, to ensure the stable and efficient operation of its fleet and uphold sustainable development principles, Haitong Development has been conducting rolling maintenance, energy-saving upgrades, and low-carbon equipment retrofits for both existing and newly acquired vessels. These measures led to a rapid increase in short-term maintenance costs, temporarily limiting the full profitability of both existing and newly added capacity. Against the backdrop of a high comparative base from the previous year, the company’s overall operating performance saw a decline compared to the first half of 2024.
Moving forward, Haitong Development will adapt to market trends, seize opportunities arising from cyclical fluctuations in the shipping industry, expand its controlled fleet capacity at the right time, optimize global route planning, enhance operational efficiency, and reduce costs through refined management to strengthen profitability.
Established in March 2009, Fujian Haitong Development Co., Ltd. has consistently focused on domestic coastal and international dry bulk shipping. Over the years, the company has grown into one of the most competitive private dry bulk shipping enterprises in China. On March 29, 2023, Haitong Development was listed on the Shanghai Stock Exchange.
In 2024, the company added 17 new dry bulk vessels to its fleet, expanding from its initial focus on Supramax vessels to a diversified portfolio including Supramax, Panamax, and Capesize vessels. As of the end of December 2024, Haitong Development operated 48 self-owned dry bulk vessels (including 46 owned and 2 bareboat-chartered vessels), 14 long-term chartered dry bulk vessels (with lease terms of one year or more), and 3 oil tankers, totaling a controlled dry bulk capacity of 3.77 million deadweight tons (DWT), ranking among the top domestic dry bulk shipping companies.
